Russia and Iran have shifted to using national currencies for over 96% of their mutual settlements, while bilateral trade increased by 12.4% in 2024, the Kremlin said on October 21 ahead of a meeting between the two countries' presidents at the BRICS summit in Kazan.

Leaders of the Global South will flock to Kazan, the capital of Tatarstan, on October 22 for this year’s BRICS summit hosted by Russia, where they hope to thrash out some more details of the new non-aligned global order that its de facto leaders, President Vladimir Putin and China’s President Xi Jinping, are hoping to establish in order to challenge what they call the “unipolar” order, the US hegemony.

"The leadership of both countries prioritises the development of trade and economic ties. Despite some decline, mutual trade in 2023 exceeded $4bn. This year, we recorded a 12.4% growth in January-August," the Kremlin press service stated, Tass reported.

Russia and Iran are implementing major joint projects in transport and energy sectors, including the continued operation of the first unit of the Bushehr nuclear power plant in Iran and ongoing work on constructing new power units.

The International North-South Transport Corridor (INSTC) project is also under development.

The governments have agreed on a Russian state export credit for the construction of the Rasht-Astara railway in Iran, further strengthening economic ties.

Iran’s embassy in Moscow hit out at reports in Russian media earlier on October 21 where it said Russia had pulled funding for the rail infrastructure project.

The Kremlin noted that Russian-Iranian relations are on the rise, expected to reach a "comprehensive strategic partnership" level with the signing of a corresponding treaty during a separate visit by the Iranian president.

Masoud Pezeshkian became Iran's president in July this year, following the death of his predecessor Ebrahim Raisi in a helicopter crash.

Pezeshkian and Russian President Vladimir Putin have had a phone conversation and met in person at a forum in Ashgabat in October.

Iranian President Masoud Pezeshkian and Russian President Vladimir Putin met on October 11 on the sidelines of an international conference in Turkmenistan, reaffirming their commitment to strengthening bilateral ties, Iran's presidential website reported.

During the bilateral meeting, the Russian president said that relations with Iran are a priority for his country and are developing "very successfully." In particular, an increase in trade turnover between Russia and Iran was recorded in 2024.

"I hope we can finalise this treaty during my attendance at the BRICS summit in Russia," Pezeshkian said to Putin.

Indian Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian could meet on the sidelines of the BRICS Summit, according to a report by the Times of India published on October 21. The two nations are reportedly now finalising details about the meeting.